Veterinary Diagnostics Market: Introduction
The vet laboratory provides a safe place to perform medical testing of infectious agents or toxins in animal diagnostic samples. Veterinary professionals representing public officials related to scientists, animal owners, public health, or wildlife management submit the animal samples for analysis.
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Veterinary Diagnostics Market: Key Trends
- The global veterinary diagnostics market is estimated to expand significantly, in terms of revenue, during the forecast period. Use of improved technologies for diagnosis and treatment of animals has fueled the market. Veterinary treatment has lately become a matter of global discussion and debate. Huge influx of students who intend to study and specialize in veterinary care has also propelled the market.
- Governments in several regions are compelled to develop state-of-the-art veterinary hospitals and healthcare centers. Therefore, the global veterinary diagnostics market is expected to expand considerably in the next few years.
- Rising inclination of the masses toward the adoption of pets also drives the market. Several countries in Europe encourage the adoption of pets as an exercise to treat people suffering from ill-health and depression. It is estimated that one in every three persons intends to or has a pet in the U.S. The factors mentioned above are driving the global veterinary diagnostics market.
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- Animal rights activists have also persuaded governments to develop new facilities for veterinary care, treatment, and diagnostics. This is also a key factor boosting the global veterinary diagnostics market.
- The huge number of people that need to be tested for COVID-19 continues to overwhelm laboratories and public health facilities that perform testing. Veterinary diagnostic laboratories have adequate infrastructure and staff to support other healthcare systems and labs to conduct tests on human blood samples for COVID-19 illness.
- According to the COVID Tracking Project conducted by The Atlantic Monthly Group, by March 12, 2020, the U.S. had conducted only 27,157 tests, due to a lack of technology to perform high-throughput nucleic acid extraction in public health labs. After veterinary diagnostic test centers were engaged, it was estimated that the COVID-19 testing numbers were amplified to 2.8 million by April 12, and to 7 million by May 3, 2020, hence, the global veterinary diagnostics market has been expanding significantly due to the pandemic.
- Expansion of the market is due to an increase in number of in-clinic diagnostic procedures, and surge in purchase and usage of various diagnostic instruments that are utilized in veterinary practices. Moreover, increase in number of high income households that keep pets and regularly visit veterinary laboratories are also projected to propel the market. In-clinic diagnostic practices and companion animal diagnostics increase the number of animals diagnosed with technologically advanced equipment and procedures that ensure accurate and faster results.
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North America to Capture Major Share of Global Veterinary Diagnostics Market
- North America dominates the global veterinary diagnostics market and accounted for a notable share, followed by Europe. The U.S., Japan, Western Europe, and other developed nations have been able to use technologically advanced diagnostic tests; however, most developing markets still remain largely untapped. The market in Asia Pacific and the Latin America is expected to be highly lucrative due to an increase in the number of households that are preferring to keep pets. Middle East & Africa can also prove to be a lucrative markets for veterinary diagnostics due to high animal density in the region.
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Key Players Operating in Global Veterinary Diagnostics Market
The global veterinary diagnostics market is highly consolidated due to the presence of small number of key players. These players hold major share in their respective regions. Growth strategies adopted by leading players are likely to drive the global veterinary diagnostics market.
Major players operating in the global veterinary diagnostics market are listed below:
- Zoetis Services LLC.
- Agrolabo S.p.A.
- Henry Schein, Inc.
- Heska Corporation
- IDEXX Laboratories, Inc.
- iM3Vet Pty Ltd.
- Intervet Inc., a subsidiary of Merck & Co. Inc.
- Thermo Fisher Scientific Inc.
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